The owner of Willo-wick Court Townhomes has scrapped plans to redevelop the Inner Loop property into a gated community of multimillion-dollar homes and may sell the existing units instead.

“Due to the economic upheaval, this plan is not presently feasible,” McCord Development wrote in a letter to residents of the complex.

If there's enough interest, the new plan is to sell the 171 units for between $235,000 and $295,000 each . The developer would make structural and landscape improvements to the 1970s property, which is also up for sale through the Cushman & Wakefield commercial brokerage firm.

Buyers of the units — whose size averages 1,800 square feet — would be eligible for fee simple mortgages, where they'd own their entire structure and not just the interior of their unit like a condo.

Last year, McCord started marketing lots in what was to be a high-end residential development on 11 acres called Willowick Place at River Oaks.

McCord said buyers put down $10,000 deposits for almost 30 percent of the lots.

The company decided to shut down the reservation process after the economic crisis last year.

The target market was “more focused on what was going on in the financial markets than making personal decisions on their residences,” McCord said.